Lafarge raises stake in Serbia

Published:
18 March 2004

Serbian cement plant Lafarge-BFC said on March 16, 2004 that French cement group Lafarge had raised its stake in the plant to 84 p er cent. Lafarge bought 72,000 shares in the plant from small shareholders in the period February 19 to March 15, 2004, offering a price of US$145.4 (118.8 euro) per share. The price was equal to what Lafarge paid the Serbian Government when it bought a 70 per cent stake in the Beocin-based cement plant in December 2001, George Bobvos, the CEO of Lafarge-BFC, said. Lafarge has obliged itself in the agreement for the privatisation of the plant to offer small shareholders the chance to buy their stakes within a three-year period. Lafarge-BFC plans an output of 1.4Mt of cement in 2004. Lafarge-BFC also said earlier in 2004 it would invest Euro 50m (US$61.2m) in technical upgrade in the first half of the year with specific reference to improved emission controls.